Tuesday, June 26, 2012

Possible Higher Low?

A small gap up got sold, but yesterday's lows held as support (except for small caps). In the afternoon, the highs of the previous day were broken by the Dow and the S&P500. Tech and small caps couldn't follow that example and might break higher tomorrow.

Today's close wasn't impressive, but 132 on SPY seems like a good number if we can hold it tomorrow. A move higher tomorrow would confirm a potential higher low (and we already had a higher high) on the daily charts.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
After yesterday's gains, metals needed a rest today. But silver and gold gave back almost all of the gains of the previous day...
Oil is still finding support near 78, but needs to get over 80 again. Oil closed with minimal gains.
The euro tried to break higher, than lower, only to close near breakeven.